In 2023, the size for Polishing Powder Market had a total worth of $205.9 million, and it is projected to exhibit a compound annual growth rate (CAGR) of 7.2% throughout the forecast period. The significant drivers behind the growth in market revenue are the increasing demand for this product in the construction and automotive sectors, as well as a shift in consumer preferences toward eco-friendly polishes and paints.
Furthermore, government authorities in various countries worldwide are making substantial investments in infrastructure development, which is contributing to a growing demand for polishing powder and, consequently, propelling market revenue growth. For example, the International Trade Administration reports that China's construction industry is anticipated to expand at an annual average rate of 5% in real terms between 2019 and 2023.
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Top Lading Players: DuPont, Solvay, Hunan Haozhi Technology Co., Ltd., AMG Chrome Limited, Universal Photonics, Reade International Corp., Resonac Holdings Corporation, RCMPA, Beijing Grish Hitech Co., Ltd., Mitsui Chemicals, Inc. and among others.
Polishing Powder Market Demand:
- Industry trends: The demand for polishing powder is largely driven by the demand for finished products that require polishing, such as electronics, automotive, and aerospace components.
- Economic factors: Economic conditions can impact demand for polishing powder. In periods of economic growth, there may be higher demand for consumer products, resulting in higher demand for polishing powder.
- Technological advancements: Advances in polishing technology can increase the demand for polishing powder as it may be required to achieve the desired level of finish.
- Environmental regulations: Increasing regulations on the use of harmful chemicals in polishing processes may result in a shift towards more environmentally friendly polishing powder.
- Consumer preferences: Changes in consumer preferences can also impact demand for polishing powder. For example, there may be a growing demand for more natural or organic products, which could lead to a shift away from synthetic polishing powder.
Overall, the demand for polishing powder is likely to be influenced by a complex set of factors, and it may vary depending on the specific market and industry.
Some Key Highlights from the Report:
- High Ce segment is expected to register fastest revenue growth rate over the forecast period. It is a commonly accepted solution for various end-use sectors owing to its superior susceptibility property, non-acidic nature, high temperature and chemical resistance capabilities, and anti-slip nature. It is mostly used in the packing industry, to polish ceramic and tile surfaces. These factors are driving revenue growth of this segment.
- Construction segment is expected to account for largest revenue share over the forecast period. Factors such as growing infrastructure development in commercial and residential sectors, construction of smart homes, and increasing government measures to minimise carbon footprint are major factors driving revenue growth of this segment. According to the U.K. government, a total of USD 32 million is being provided by the government to enhance the production of sustainable biomass, which can be used as a source of renewable energy. A net amount of USD 5 million more will be provided to support innovative new technologies that will create hydrogen from waste and biomass.
Segments covered in the report:
By Product Type:
- High Ce
- Medium Ce
- Low Ce
By Application Outlook:
- Industrial
- Automotive
- Electric and electronics
- Construction
- Packaging
- Military and defense
- Healthcare
- Metallurgy
- Others
Regional scope:
North America; Europe; Asia Pacific; Latin America; Middle East Africa
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